Forex trading has recently become very popular in Nigeria, and thousands of people look for profitable opportunities to invest their money. However, you should definitely learn about the market and its legal status before handing over all your funds to some random financial intermediary. In this Traders Union article, we’re going to provide a brief overview of the Forex market in Nigeria and explain how you can find a reliable broker with attractive trading conditions.
Forex trading in Nigeria
Forex trading is perfectly legal in the country, and it’s regulated by the Central Bank of Nigeria. That is a guarantee of security: all brokers must have a license to provide their services legally. That means it can be used to check whether a broker is truly reliable: just try to find the information about its license, and if you can’t find anything, don’t trust that company. The local Forex market is dominated by major international brokers, so you can definitely find a convenient and reputable platform.
If you can’t make a decision, we’ve prepared a short list of the top 3 best Forex brokers in Nigeria who are suitable for novice traders.
1. Pocket Option
Founded in 2017, this broker is reliable and versatile. It can be used to trade a wide variety of indices, stocks, commodities, and Forex pairs. Pocket Option also features several most popular crypto tokens as tradable assets. It’s also known for rather tight spreads, low minimum deposit, and nice bonuses.
2. IC Markets
IC Markets is an Australian broker that is supervised by several major regulators like CySEC or ASIC, so it’s considered very secure. It has lots of available trading instruments, low spreads, and numerous educational materials.
RoboForex is one of the leading Forex brokers in the world. It’s reliable, quick, and novice-friendly, so you can use it for practice. The minimum deposit is just $10, and you can open a demo account.
How to start trading
Once you’ve found a decent trading platform, sign up and open a demo account. Such accounts allow you to trade in a simulated market environment without risking your money. That is a great way to test any broker and practice your trading skills. This way, you can learn how to place orders, use leverage, and perform technical analysis with different instruments. Then, explore copy trading and learn how to use different strategies to make more profits.